Criterion Chartered (STAN.L) plans to offer its Jordanian company to Arab Jordan Investment Financial Institution (AJIB) (AJIB.AM), the two parties said on Sunday, as the arising markets-focused loan provider presses ahead with plans to exit seven markets in Africa and also the Middle East.
The financial institution became part of an agreement with AJIB, subject to reserve bank approval, which will certainly see Conventional Chartered’s corporate, industrial and institutional banking, consumer borrowing and also exclusive banking services moved to AJIB.
All Criterion Chartered Teller in Jordan will be transferred to AJIB, it stated an emailed statement.
Requirement Chartered’s Africa and also Middle East chief executive officer Sunil Kaushal said the arrangement is aligned with the financial institutions worldwide strategy “to supply efficiencies, reduce complexity, in addition to redirect sources within the Africa Center East region to areas with the greatest capacity to drive scale, grow and also better support customers.”
AJIB stated the purchase falls within the Jordanian lending institution’s strategy to expand its market share in the nation, which remains to expand after it obtained HSBC’s financial service in Jordan in 2014 and National Bank of Kuwait’s financial business in Jordan in 2022.
Requirement Chartered in April 2022 claimed it intends to leave 7 markets, containing Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone as well as Zimbabwe. read more
The bank said at the time it was looking for to leave markets where it is sub-scale as well as narrow its emphasis to faster-growing markets in the region, such as Saudi Arabia and Egypt.
Last Updated: 27 March 2023
